"Wealth management" is one of those terms like "hand-crafted" that makes me wonder who is buying the snake oil this morning. Do the algorithms have a function that allows people to yell at them ... after which the algorithms hang their heads and take responsibility?
Brokerage Charles Schwab Corp (SCHW.N) on Tuesday launched a service that combines its automated investment management technology with human advisors, as financial institutions race to offer digital financial advice.
The service, called Schwab Intelligent Advisory, provides clients with a financial and investment plan, unlimited access to a human advisor via phone or video conference, and an investment portfolio of exchange-traded funds managed by computer algorithms.
The service, for clients with at least $25,000 to invest, includes an online platform that keeps track of financial goals and retirement plans, the San Francisco-based company said in a statement. It will charge a 0.28 percent fee on assets, with a quarterly maximum of $900.
The service comes less than two months after Betterment LLC, one of the first and largest online wealth managers known as robo-advisers, said it would offer two similar hybrid plans, with minimum investments of $100,000 and $250,000.